Realtors report pending home sales jumped in January; good news for housing market after sales decline - Charlotte Business Journal

Realtors report pending home sales jumped in January; good news for housing market after sales decline - Charlotte Business Journal

Kent Hoover

Washington Bureau Chief

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January may have been a weak month for home sales, but it was a strong month for contract signings.

Pending home sales jumped to their highest level since August 2013, according to the National Association of Realtors. The group's Pending Home Sales Index, which is based on contract signings, rose from 102.5 in December to 104.2 in January. That's well above January 2014's 96.1 level.

"Contract activity is convincingly up compared to a year ago despite comparable inventory levels," said NAR Chief Economist Lawrence Yun. "The difference this year is the positive factors supporting stronger sales, such as slightly improving credit conditions, more jobs and slower price growth.

"All indications point to modest sales gains as we head into the spring buying season. However, the pace will greatly depend on how much upward pressure the impact of low inventory will have on home prices. Appreciation anywhere near double-digits isn't healthy or sustainable in the current economic environment."

The South saw the biggest increase in pending home sales, up 3.2 percent. The Midwest was the only region that experience a decrease.

Charlotte Regional Realtor Association reports January data on housing market - Charlotte Business Journal

Charlotte Regional Realtor Association reports January data on housing market - Charlotte Business Journal

Jen Wilson

Associate Editor/Online-Charlotte Business Journal

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Home sales in the Charlotte region climbed 8.8 percent in January from a year ago, according to the Charlotte Regional Realtor Association.

The association reported Tuesday thatCarolina Multiple Listing Service figures show 2,359 homes were sold in the region last month, up from 2,169 sold in January 2014.

However, sales activity in the market was slower last month than in December, whenlocal home sales jumped 15.7 percent from a year earlier.

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And on a month-to-month basis, home sales were down 22.7 percent in January from December.

The average sales price last month was $223,505, rising 3 percent from a year earlier, while the median sales price was $175,000, an increase of 4.4 percent.

Pending sales for the month totaled 3,266, soaring 31.8 percent from a year earlier.

"Demand for homes across the region continues to be strong; however, inventory remains challenged," said Maren Brisson-Kuester, 2015 president of the association and CarolinaMLS. "With properties experiencing shorter days on market, today's buyers are seeing signs of a solid seller's market which will probably persist through spring."

The Charlotte market's housing inventory declined 5.3 percent in January from a year earlier, leaving the region with a four-month supply of homes for sale. A housing supply of six months is generally considered a balanced market between buyers and sellers.

On average, homes sold last month had been listed 141 days and fetched 93.6 percent of the original list price.

CoreLogic reports Charlotte home prices up 4.1% in December - Charlotte Business Journal

CoreLogic reports Charlotte home prices up 4.1% in December - Charlotte Business Journal

Jen Wilson

Associate Editor/Online-Charlotte Business Journal

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Home-price appreciation in the Charlotte market accelerated in December, according to the latest CoreLogic Home Price Index report.

Prices in the Charlotte-Concord-Gastonia metro area were up 4.1 percent in December from a year earlier, the report released Tuesday shows.

That figure, which includes distressed sales such as short sales and real estate-owned transactions, compares with a rise of 3.6 percent in November and follows months of slowing growth in local home prices.

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Excluding distressed transactions, prices in the Charlotte market showed an annual increase of 3.4 percent in December.

North Carolina's statewide growth in home prices — up 2.3 percent in December from a year earlier, with or without distressed sales factored in — was level with November's annual return.

CoreLogic Inc. (NYSE:CLGX) reports that nationwide, including distressed sales, home prices rose 5 percent in December from a year earlier, marking the 34th consecutive month of year-over-year increases.

Excluding distressed sales, home prices were up 4.9 percent nationwide.

Nationally, home-price appreciation took a pause in November and December 2014 and we expect a slow start to 2015," Anand Nallathambi, president and CEO of the California-based data firm, said in Tuesday's report. "As the year progresses, we expect upward pressure as low inventories and more first-time buyers drive up home prices."